Retail Focus: Riverdale Crossing Shopping Center

 

Major Upgrades Have Proven Successful

 

Wayzata-based H.J. Development purchased the 333,515-sq.-ft. Riverdale Crossing Shopping Center, at Highway 10 and Round Lake Boulevard in Coon Rapids, in January 2005 from Dallas-based Invesco Real Estate Advisors. The center, built in 1990, is anchored by Cub Foods and Wal-Mart.

 

Since the acquisition, H.J. Development has completed a major interior and exterior renovation of the property, which sits on 40 acres. The price tag for the improvements is in excess of $1 million.

 

“They made a big investment by doing a complete overhaul of the center,” says Ned Rukavina, United Properties' vice president of retail brokerage, who oversees leasing at Riverdale Crossing. “It’s a long-term hold for them. They put on a whole new facade. They used upgraded materials with some stone and improved signage.”

 

Following the renovation, the center has been re-tenanted. New retailers include Northwestern Bookstores, Discount Tire, Turn Style Consignment Stores, Fitness 19, Schmidt Music, Eddington’s Soup & Salad House and The Tile Shop.

 

Also, United Properties recently signed Office Depot, which will take 18,893 sq. ft. at the center. The store is expected to open this fall.

 

“It’s been unbelievable since the improvements,” Rukavina says. “The flood gates opened. The renovation helped get retailers to the table, and H.J. Development is very aggressive in negotiating deals. H.J. Development deserves a lot of credit. They’re very entrepreneurial.”

 

Riverdale Crossing is now approximately 95% leased.

 

 

 

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